Market survey

A market survey allows you to find out what the market in which your company will operate is like. The survey gives you an overview of the scope, structure and competitive situation in the market, for instance. It also allows you to determine what needs your customers have and how much are they willing to pay to satisfy them. It also provides you with information about the future trend of the market and industry.

The market survey allows you to evaluate how your company should act in its developing business operations to make sure it gets into a good position in the market. The survey also often reveals if you should not start the company you have planned, at least in its present form. It allows you to determine how you should change the company to make its business profitable.

You can also prepare a market survey when you are planning to expand your company’s operations to a new market area. This allows you to correctly target your marketing and select the most suitable measures for this.

The market survey also serves as your tool when you are negotiating for financing.

Get to know as much about the current status and future prospects of the market as possible. Make use of different statistics and reports, for instance.

Determine for whom and where your company intends to sell its products. Evaluate the number of potential customers in the market area and how much they will be buying from you on average. Think about who makes the purchase decisions and how to reach these people.

Explore your customers’ wishes and demands for your products. Find out whether these are related to price, quality, availability or something else.

Get to know your competitors by observing their activities and products. Weigh your competitors’ strengths and weaknesses. Think about how your company can compete against others.

Find out if new operators are going to enter the market and whether old ones are leaving it. Find out why these changes occur. Examine how your competitors collaborate and how subcontracting works in the industry.

You can find help for the market survey from your regional business development company, market research institutions, consultants and business advisors. You may have to pay for the services.